Leveraged Loans - All Articles

  • Technicolor, Verisure reap rewards of loan bid

    French media technology firm Technicolor increased its euro term loan offering by €200m to €450m on Wednesday, as Verisure tightened and accelerated the pricing and commitments on its own deal.

    • 30 Nov 2016
  • Bond to loan wave to shake HY in 2017, says Fitch

    Bankers and investors are still complaining about the lack of single-B rated issuers in the European high yield market this year, but 2017 will bring little relief, Fitch said on Wednesday.

    • 30 Nov 2016
  • Corporate bonds' final feast under way but fat premiums required

    Investment grade corporate bond issuance kept up a steady pace this week, as borrowers took advantage of one of 2016’s last clear weeks for issuance. But far from being putt off by new issue premiums growing plump as turkeys in a market worried about interest rate risk, issuers know conditions could well be worse in the new year.

    • 30 Nov 2016
  • The market will come to appreciate ECB’s leveraged lending rules

    The ECB’s announcement it was planning leveraged lending rules for the banks it supervises has been polarising, confusing, and often emotional. But the market will come to appreciate it in time.

    • 29 Nov 2016
  • Debt launched for buyout of Priory Group spin-off

    Elysium Healthcare, a portfolio of 22 UK mental healthcare facilities being divested by Acadia Group, held a lender meeting on Thursday for £240m of loans following its £320m buyout by BC Partners.

    • 29 Nov 2016
  • Morpho leads levloans primary charge

    Morpho leads the way for European leveraged loan issuance this week, the largest of five deals in the market and the largest euro leveraged buyout of the year by some distance.

    • 29 Nov 2016
  • CVC, EQT make unitranche loan to Paymentsense

    The credit arms of private equity firms CVC and EQT have joined efforts to provide Paymentsense, the UK card payment services firm, with a refinancing unitranche facility — a form of financing that could increase next year.

    • 29 Nov 2016
  • Santander poaches RBS’s financial sponsors director

    Santander has hired Andrew Clayton to lead its UK leveraged finance division and grow its business in the mid-size corporate market.

    • 28 Nov 2016
  • Winson Oil seals $90m one year revolver

    Oil trading and bunkering business Winson Group has wrapped up syndication of a $90m one year revolving credit facility.

    • 25 Nov 2016
  • UK unicorns grow rarer still as China snaps up Skyscanner

    Chinese travel firm Ctrip has bought Edinburgh-based Skyscanner for £1.4bn, adding to the growing list of UK tech companies being sold to foreign investors.

    • 24 Nov 2016
  • Group of banks leading Profi buyout loan named

    Four banks will lead the financing for the €533m acquisition of Romanian retail chain Profi, the largest private equity acquisition ever in Romania.

    • 24 Nov 2016
  • Daisy places PIK for Alternative Networks purchase

    One month after failing to attract high yield investors for a sterling offering, UK telecom services supplier Daisy Group has successfully placed a PIK note with one lender.

    • 23 Nov 2016
  • ECB levfin rules could give banks 'something to push back with'

    The European Central Bank has laid out its plans to regulate leveraged lending at banks it supervises, a move that could curb aggressive deal structures and give banks a way to resist pressure for low lending standards from their private equity clients.

    • 23 Nov 2016
  • Corporate issuers dive through deal window as outlook darkens

    New issues are coming at a relentless pace in the European corporate bond market, despite an increasingly uncertain medium term outlook for rates and spreads. Issuers are hitting the market with the same force as during the bull run between March and September.

    • 23 Nov 2016
  • ‘Bits and pieces’ M&A frustrates investors

    Several slated buyout transactions now have loans in the market, yet few investors are upbeat on the immediate prospects for a return to higher yields and fairer values.

    • 22 Nov 2016
  • All’s well that ends well for Asian loans

    Syndicated loans bankers in Asia had braced themselves for a rough 2016, hurt by clients’ preference for cheaper, local currency options. But as the year wraps up, adversity has pushed loans houses to innovate by finding opportunities outside their comfort zones and tapping into new sources of liquidity.

    • 22 Nov 2016
  • Sherwood bids farewell after 30 years at Goldman

    Michael Sherwood, co-CEO of Goldman Sachs International since 2005 and probably the most senior and highest profile investment banker in London, announced his retirement from the firm on Monday, after 30 years at the bank.

    • 21 Nov 2016
  • First Data leads repricings despite levloans buyout spike

    The repricing trend in the leveraged loan market is continuing, undisturbed by the onset of new money offerings, with many of the latest deals cutting costs and underpinning large dividend recapitalisations.

    • 21 Nov 2016
  • ABC HK hires two loan syndication bankers

    Two bankers have joined the loan syndication team of Agricultural Bank of China in Hong Kong in recent months, according to sources.

    • 21 Nov 2016
  • IPO market loses to private equity as Elsan buys MédiPôle

    MédiPôle Partenaires, the French private hospital group, has abandoned plans for an IPO after sponsor Bridgepoint decided to sell it to its competitor Elsan, owned by CVC, instead.

    • 18 Nov 2016
  • Buyout wave welcomed but levloans still thirsty for more

    The leveraged finance market has been met this week by a raft of mergers and acquisitions, with four deals announced and several major leveraged buyouts poised for action. Considerable ground needs to be made up, however, if new paper is to offset the glut of repricings that have choked the market in recent months.

    • 17 Nov 2016
  • Technicolor refinancing does little for monochrome market

    French media technology firm Technicolor added yet another refinancing to the levloan market on Wednesday, with bank meetings scheduled on Friday for a €250m seven year term loan ‘B’.

    • 17 Nov 2016
  • Issuers tempted to ditch US TLBs for Asia bank liquidity

    Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.

    • 17 Nov 2016
  • Papua New Guinea eyes $200m from maiden loan

    Papua New Guinea is set to make its offshore syndicated loan debut with a $200m five year facility. Arranger Credit Suisse is holding discussions to expand the top group, according to a source.

    • 17 Nov 2016
  • MRH and UPC aim for refinancing slipstream

    MRH, the largest independent petrol retailer in the UK, and Swiss telecoms firm UPC had bank meetings on Thursday for loan refinancings, while new money deals have also joined the market.

    • 16 Nov 2016
  • Trump bounce brings big US issuers to European bonds

    US companies have led a charge into the euro bond market this week, as the predicted slug of issuance after the presidential election arrived.

    • 16 Nov 2016
  • Aboitiz powers up new $650m term loan

    Therma Power, part of Philippine company Aboitiz Power Corp, is accessing the offshore loan market for a $650m unsecured financing.

    • 16 Nov 2016
  • CAR drives away with bigger $250m deal

    Credit Suisse has allocated a three year bullet loan for China Auto Rental (CAR), with the company raking in $250m after general syndication.

    • 16 Nov 2016
  • M&A wave breaking on levfin shores

    The leveraged finance market has been met this week by raft of mergers and acquisitions, with four deals announced and several major leveraged buyouts poised for action.

    • 15 Nov 2016
  • Allegro wins tight pricing as banks flock towards Z5bn Polish LBO loan

    As expected, the loans for the leveraged buyout of Polish auction website Allegro are tightly priced, with tenors of six and seven years for less than 400bp.

    • 15 Nov 2016
  • Lindorff takes €4.25bn for Intrum merger

    Norwegian debt manager Lindorff has agreed a €3.4bn bridge-to-bond and a €850m four and a half year super senior credit facility to support its merger with Swedish competitor Intrum Justitia. The combination will create an “undisputed European leader” in debt management, said S&P.

    • 15 Nov 2016
  • Xtep picks one to run $100m syndication

    Chinese sportswear manufacturer Xtep International Holdings is looking to tie up a $100m amortising loan, having enlisted a Hong Kong lender to arrange it. Xtep has sold syndicated loans in the past but is reaching out to a smaller group of banks this time.

    • 15 Nov 2016
  • BMI postpones loans as rent negotiations stall

    BMI Healthcare has postponed proposed loans of £426m in total as rent negotiations with the owners of its properties have yet to result in an agreement.

    • 14 Nov 2016
  • Novelis meets banks for Asia refi of US TLB

    US based-Novelis, part of Indian company Aditya Birla Group, has decided to access the Asian syndicated loan market following discussions lasting several months.

    • 14 Nov 2016
  • Royal Industries faces deadlock on waiver request

    Banks are yet to reach a unanimous decision on relaxations sought by Royal Industries Indonesia, which defaulted on the first principal repayment of a dual tranche loan signed in 2015. All lenders have to grant approval for the changes to be implemented.

    • 11 Nov 2016
  • Hesteel nets eight for $150m Sinosure-backed loan

    Eight banks have joined a $150m three year bullet loan for Hesteel Hong Kong Corp, part of China’s Hesteel Group, thanks to confidence in the parent's credentials.

    • 11 Nov 2016
  • Loans, news in brief — November 10, 2016

    International Bank of Azerbaijan — Ahlstrom and Munksjö — Bridgepoint — Pemberton

    • 10 Nov 2016
  • Overseas M&A brightens dull 2016 for SE Asia loans

    Southeast Asian companies have provided plenty of M&A financing opportunities to banks this year, partly making up for the disappointing corporate loan volumes from the region. Large firms in the region are still flush with cash, giving loans bankers hope that event-driven activity will continue next year, writes Shruti Chaturvedi.

    • 10 Nov 2016
  • Permira makes major investment in PE services firm

    Private equity firm Permira has made a “significant” investment in corporate services provider Alter Domus, which counts nine of the largest 10 PE firms worldwide among its clients.

    • 10 Nov 2016
  • Invitations out for HK$2.8bn Tricor acquisition loan

    A HK$2.8bn ($361m) loan to back private equity firm Permira's leveraged buyout of Hong Kong-based Tricor Holdings has been launched into general syndication.

    • 10 Nov 2016
  • Cheap money, not Trump, reigns in European loan markets after elections

    Though emerging market loans widened in early trading on the day after Donald Trump’s election, pricing for both IG and EM loans returned to the levels of the day before by midday — as the overriding theme of cheap money in European markets, not the shock result of the US vote, dominated.

    • 09 Nov 2016
  • Levloans avoid panic following Trump thunderbolt

    There was a benign response in the European leveraged loan market on Wednesday to Donald Trump's shock US election victory. How the result affects the post-summer repricing wave is a little more unclear, however, especially given the pipeline of new paper.

    • 09 Nov 2016
  • Europe’s corporate bond market to be back in action on Thursday

    The euro corporate bond market sold off on Wednesday morning in reaction to Donald Trump’s victory in the US presidential election, but spread widening was limited, and bankers are already preparing new issues for Thursday.

    • 09 Nov 2016
  • Olano named SG loan syndicate chief

    The head of loan syndication and sales for Asia Pacific at Société Générale will become its global head of loan syndicate, assuming some of the responsibilities of the outgoing deputy head of global syndicate in the process.

    • 09 Nov 2016
  • Six back Bridgepoint's Sapec acquisition

    Bridgepoint has bought the agro business unit of Iberian industrials firm Sapec, in a deal valuing the unit at €456m and backed by six banks.

    • 08 Nov 2016
  • Credit Suisse hires senior levfin trader in London

    Credit Suisse has hired a senior leveraged credit trader in London following the recent departure of its head of European distressed debt and leveraged finance trading.

    • 08 Nov 2016
  • Dasin ties up $419m multi-tranche financing

    Chinese property company Zhongshan Dasin Holdings is raising funds worth $419m in two currencies and multiple tenors.

    • 08 Nov 2016
  • Axiata unit to reboot with larger $400m loan

    A subsidiary of Malaysian telecommunications company Axiata Group, which approached the loan market for $100m in June, is overhauling and increasing the financing to $400m to fund potential acquisitions.

    • 08 Nov 2016
  • MNC Sky Vision wraps up slimmer $170m loan

    Indonesian television broadcaster MNC Sky Vision has cut its latest fundraising to $170m — the second time it has reduced the deal size. The loan, which had been in general syndication since late June, attracted three commitments from retail lenders.

    • 08 Nov 2016
  • Pemberton closes €1.2bn mid market fund, large deals loom

    Asset manager Pemberton has closed a €1.2bn European mid market debt fund, as the direct lending market becomes more appealing for larger deals, according to a Deloitte report.

    • 07 Nov 2016
  • Powerflute extends deadline on LBO, BMI follows

    Finnish packaging firm Powerflute has extended the deadline on its €400m leveraged buyout by Madison Dearborn to this Friday, as has BMI Healthcare for its £285m refinancing.

    • 07 Nov 2016
  • Nine banks line up for Poland's Allegro LBO

    Nine banks have been mandated to arrange the financing for the leveraged buyout of Polish online marketplace Allegro, and a senior loan will be launched into syndication later this month.

    • 04 Nov 2016
  • HNA Group unit gets five for $8.5bn borrowing

    HNA Group affiliate Avolon Holdings has wrapped up a $8.5bn debt financing for the acquisition of the aircraft leasing business of CIT Group, with five lenders joining the trade.

    • 04 Nov 2016
  • LBOs ‘boom’ in E Europe as locals squeezed

    Leveraged buyout activity in Central and Eastern Europe is gaining momentum, driven by a few jumbo deals pushing for terms and pricing more commonly seen in Western European markets. For some local banks, the conditions are too tough to compete.

    • 03 Nov 2016
  • US loans face up to a ‘chilling’ election but EMEA undaunted

    The EMEA loans market has been so far unruffled by next week’s US presidential elections — even if in the US itself deal flow has paused and the consequences of the vote could be far reaching, according to several loans bankers.

    • 03 Nov 2016
  • Chinese banks train sights on LBO financing

    Chinese banks have been winning loan mandates for corporate M&A and management buyouts originating from their home market. Now they turning their attention to financing more sponsor driven activity, as two mainland lenders have shown by joining a leveraged buyout loan for an acquisition by Carlyle Group. Shruti Chaturvedi reports.

    • 03 Nov 2016
  • ZhengTong drives in for $300m three year

    Invitations are out for a $300m three year borrowing for China ZhengTong Auto Services, a luxury auto dealership. Morgan Stanley is leading the deal, which can be increased in size based on the response.

    • 03 Nov 2016
  • Levloan refi wave rises with Comexposium’s €394m deal

    French trade fair organiser Comexposium on Wednesday joined the recent wave of refinancing offerings in the euro leveraged loan market with its own €394m offering.

    • 02 Nov 2016
  • Misys drops $1.5bn refi loan after botched IPO

    On Wednesday, UK financial software firm Misys pulled the $1.5bn refinancing it had been marketing as part of its planned IPO, having dropped the share sale last week.

    • 02 Nov 2016
  • Lenders prep loans for Romania’s Profi acquisition

    Banks are preparing finance packages for the leveraged buyout of Romanian retail chain Profi, with the loans likely to price almost as tightly as deals from western Europes, according to one banker.

    • 02 Nov 2016
  • High yield busies up but no blank cheques

    The hype in the European leveraged finance markets runs that the European Central Bank and Bank of England have made riskier assets irresistible to investors, and that fund managers are beginning to embrace even aggressive dividend deals and payment-in-kind bonds. Don’t believe it.

    • 02 Nov 2016
  • Goertek connects to the market for $150m facility

    A subsidiary of Chinese electro-acoustic product maker Goertek has approached banks for a $150m three year borrowing.

    • 02 Nov 2016
  • SLV buyout plugs mart for €397m loan

    Private equity firm Ardian has turned to the leveraged loan market to fund its acquisition of German lighting provider SLV Holding from Cinven.

    • 01 Nov 2016
  • Chinese banks help serve up $630m LBO loan for Carlyle

    Two Chinese banks and one Taiwanese lender have banded together to supply a $630m leveraged buyout financing to support Carlyle’s acquisition of VXI Global Solutions.

    • 01 Nov 2016